With so many options available, is it always in your best interest to get the cheapest term life insurance coverage? And what does “up to 70% off your term life insurance” really mean?

Cost effective term life insurance is simply basic life insurance that pays out a lump sum after your death. The premiums for these polices are generally low because the policies are like your house insurance; there is no cash value.

There are two basic types of term life insurance – decreasing term life insurance and level term life insurance, but decreasing term life insurance is gradually being phased out.